Abstract:

The construction of the data trading market in China faces challenges such as unclear functional positioning of data exchanges and insufficient cultivation of the data trading ecosystem, which restricts the development of on-site data transactions. The separation of functions between data exchanges and data merchants can address the issue of inactive on-site data transactions and help cultivate a data element circulation service ecosystem. Under the“Separation of Agency and Commerce”model, data trading venues should undertake public management functions. As legal entities directly under the National Data Administration, national-level exchanges are responsible for constructing a unified system of data circulation trading rules and technical standards, as well as providing compliance regulatory guidance. Meanwhile, regional data exchanges operate under the vertical management of national-level exchanges, taking into account regional practices to handle on-the-ground regulatory functions, such as organizing trading, reviewing data merchants and data product registrations, and transaction supervision. Data merchants should be marketoriented institutions engaged in various data value extraction activities along the data value chain, assuming market functions such as data development, data publication, transaction facilitation, and data capitalization. The implementation of the“Separation of Agency and Commerce”model also relies on the establishment of mechanisms for subject access, data product registration, information disclosure, and collaborative governance of data trading.

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